Conventional Loans

Our team at Midwest VA Loans specializes in VA loans, however we also do home loans for the entire family! As mortgage specialists out of the Kansas City, MO area, we work with a wide range of homebuyers and process a variety of loan types every day. Below are some of our other loan programs we offer in addition to the VA Loan program:

Conventional loans by Darren Copeland

Conventional loans are the most traditional and common loans on the market. Many homeowners turn to conventional loans to finance their real estate transactions. Conventional loans are funded through the banks and require at minimum a 5% down payment. (It’s ideal if you can put down 10-20%.) Some qualifications for down payments may be waived depending on credit score and history. Conventional loans may also require private mortgage insurance (PMI) if over 80% of the home’s value is financed through the loan. Conventional loans may be more traditional and require up-front funds, but they’re also the most versatile. They’re ideal for those with steady income and good credit. Terms of conventional loans may vary (15-year/20-year/30-year). Rates may change as well, from fixed-rate loans to adjustable-rate conventional loans. Because conventional loans are backed fully by independently owned banks (and not the government), many times appraisals and inspections go quicker and easier since there isn’t an extra layer of government oversight.

Learn more about conventional loans.

FHA loans by Darren Copeland

FHA loans work like VA loans in the sense they are backed by the government (the HUD) and provide assistance to those who need extra help getting into a home loan program. FHA loans do not require as much down payment as conventional loans – usually around 3.5% of the home’s value. Down payments may also be gifted as part of the FHA loan. FHA loans are a great option for those who have a higher debt radio and need relaxed qualifications for income and credit history.

Learn more about FHA loans.

USDA loans by Darren Copeland

USDA loans work very similarly to VA loans. Loans are backed by the US government and offer many advantages to those purchasing property in rural areas or small communities. USDA loans are 30-year and require ZERO money down (100% financing) and NO PMI. This is a great option for those looking to buy property in rural areas. If you’re wondering if the town you’re moving to or refinancing in qualifies for the USDA program, please contact us!

Learn more about USDA loans.